Community Blog

In a highly competitive market, financial services organizations and fintech companies face the challenge of evolving their technologies while maintaining a robust, secure, and compliant infrastructure. The role of open source software has become increasingly pivotal. At this exciting intersection of collaboration and regulation adherence, I have decided to join the Fintech Open Source Foundation (FINOS) as a Field CTO. This move is not just a career transition for me, it is a commitment to shaping the future of finance through the power of open source.

In this episode of the FINOS podcast, Grizz Griswold interviews Cole Kennedy, founder and CEO of TestifySec. Explore the importance of compliance in AI and DevOps, especially within highly regulated industries like financial services and defense. Learn about the challenges of data governance in AI models, the necessity of tracking and verifying compliance processes, and how the In-toto project offers a framework for cryptographic validation.

Cole shares insights from his diverse journey, including his military background, engineering pursuits, and the inception of TestifySec. Discover the future of AI compliance and the role of open source in driving innovation.

Data challenges are universal and only grow more complex each year, but I’ve observed that many financial services firms still lack open source software capabilities to address basic data quality and accuracy challenges. Conversations with fellow delegates at the recent OSFF NYC further affirmed my belief that common reporting and regulatory compliance requirements are forcing software developers to re-implement ad hoc common concepts - such as soft-deletes, audit-logging, and as-of queries - in almost every system they build, regardless of scale. Beyond the sheer inefficiency of it all, this implies that firms are becoming overly reliant on the abilities of large (and expensive) engineering teams to build and maintain these capabilities correctly. Let’s consider how open source software might rise to meet this challenge.

Currently in its incubation stage, the LLM Exploration Project adopts a use case-driven approach informed by our initial design thinking exercise. Following the first Use Case Identification Workshop at OSFF London, the second workshop at OSFF NYC brought together industry experts to delve into how Large Language Models (LLMs) can be applied to the Common Domain Model (CDM) to enhance interoperability and accessibility. 

Financial organizations increasingly rely on open source software as a foundational component of their mission-critical infrastructure. In this blog, we explore the top open source trends and technologies used within the FinTech space from our recent State of Open Source Report — with insights on the unique pain points these companies experience when working with OSS. 

In this episode of the FINOS podcast, Grizz Griswold interviews Chris Lindsey, a Security Evangelist from Mend.io. They discuss the intersection of AI, cybersecurity, and open-source software. Chris shares his extensive experience in software development and application security, providing insights into secure coding practices, the critical role of open source in development, and practical approaches to managing AI technology within highly regulated industries.

Tune in to learn about the challenges and strategies in the evolving landscape of AI and cybersecurity.

The financial sector is facing increasing regulatory demands, and firms need new approaches to maintain compliance while driving operational efficiency.

Watch an engaging session in the Open Source in Finance Webinar Series, where experts from Percona share insights on innovation in finance.